Posts: 7
Registered: ‎09-15-2012
Bad credit due to loss of job...

I'm new to this so please bear with me, I owned a home last in 2007 with my wife, she purchased in her name only in 2009  I was unemployed at the time, she got laid off in 2010 our credit scores fell drastically. I have worked a part time job for 2 years and just recently got a new job (same field) and still working pt. The distance to our jobs is over 100 miles 1 way so we would like to purchase closer to work. My questions are as follows: I have pulled only one score with TU which is 515 I have a recent collection which has "last reported 07/2012, a cap 1 charge off "date of status" 7/2009 "last reported"9/2012, comcast last report 2009, and a hud title loan repayment plan current but owe 6,000. sl showing paid or paying as agreed. So, do I pay the charge off since it's constantly updating, do I leave the collections from 2009 alone? I am hoping to purchase in my name only because she has had late payments on her mortgage. My dti wouldn't be a problem because other than these items I don't have any other debt. (sl pymnts less than 100 a month) Is it even possible to get a mortgage while still owing a govt debt? (payment agreement current) I am planning to go to a furniture store or apply for a secured cc in order to establish credit. Is this the best way to bring up my scores. I know it's going to take a while but owning my own home again will be worth the wait.